Obama Proposes Retirement Account Limit In First "Wealth Tax"

[chikenwing]

Until these figures change, I am all for major taxes on the very wealthy. The distribution of wealth today is absolutely unhealthy for the economy, and for the majority of Americans.

Wealth Inequality in America - YouTube

Wrong way to go about it.
The reason for concentration of wealth is because of the corrupt ties between special interest groups and lawmakers. Take the recent legislation that passed protecting Monsanto from lawsuits. Take that times a couple thousand other legislation that benefits large companies and this is what you get - an environment where little guys can't possibly compete with giants - so all that is left is giants.

There is not just one pile of money that all must get their's from.Little guys can become big guys ,just takes work. With that said,large corps do try and protect themselves ,which do bring negative results for others.

 

[Skull Pilot]

Obama is essentially asking people this: How much do you really need for retirement? Some wealthy people are socking away millions in these accounts, much more than they actually need, the White House said in a statement.

Soon the Government will take your personal assets as it belongs to the community because you you did not build that.

Obama: If You've Got A Business, You Didn't Build That - YouTube

You can't "sock away millions" in a qualified retirement account.

They all have contribution limits. The current 401K limit is 17500 a year with an additional 5500 for those over 50.

 

[LogikAndReazon]

Anything above 200k should be confiscated and given to liberal dependents.........to be fair......

 

[Agit8r]

One strange thing about the OP title, is that it makes it sound as if there is something wrong with a "wealth tax"

Weird...

 

[chikenwing]

Obama is essentially asking people this: How much do you really need for retirement? Some wealthy people are socking away millions in these accounts, much more than they actually need, the White House said in a statement.

Soon the Government will take your personal assets as it belongs to the community because you you did not build that.

Obama: If You've Got A Business, You Didn't Build That - YouTube

You can't "sock away millions" in a qualified retirement account.

They all have contribution limits. The current 401K limit is 17500 a year with an additional 5500 for those over 50.

So simply put Obama is feeding us BS again??

 

[chikenwing]

One strange thing about the OP title, is that it makes it sound as if there is something wrong with a "wealth tax"

Weird...

I guess you are,whats right about a wealth tax????!!!!!

 

[Skull Pilot]

One strange thing about the OP title, is that it makes it sound as if there is something wrong with a "wealth tax"

Weird...

So do you want to be taxed on your net worth?

Would you like the fucking government counting everything you own so as to put a value on your "wealth" after all your "wealth" is nothing but your net worth.

 

[Skull Pilot]

Obama is essentially asking people this: How much do you really need for retirement? Some wealthy people are socking away millions in these accounts, much more than they actually need, the White House said in a statement.

Soon the Government will take your personal assets as it belongs to the community because you you did not build that.

Obama: If You've Got A Business, You Didn't Build That - YouTube

You can't "sock away millions" in a qualified retirement account.

They all have contribution limits. The current 401K limit is 17500 a year with an additional 5500 for those over 50.

So simply put Obama is feeding us BS again??

it just shows that the people in charge don't know shit about retirement savings plans or the rules regarding them.

In fact if most people understood them they would be pissed that all their gains after a lifetime of savings were going to be taxed at a higher rate than they should.

 

[ScienceRocks]

Let's face it Obama believes that he has the right to any and all money owned by private citizens.

This is a very Marxist move on his part. No question about it.

 

[Agit8r]

One strange thing about the OP title, is that it makes it sound as if there is something wrong with a "wealth tax"

Weird...

So do you want to be taxed on your net worth?

Would you like the fucking government counting everything you own so as to put a value on your "wealth" after all your "wealth" is nothing but your net worth.

OMG, that is what Obama is proposing?! This is really serious!

or a fucking hyperbole

 

[DiamondDave]

One strange thing about the OP title, is that it makes it sound as if there is something wrong with a "wealth tax"

Weird...

Because there is

As if what we accumulate is somehow the property of the government.. that they have a right to limit it, redistribute it, or use it to pay for the things others want yet refuse to do what is necessary to get themselves

 

[Agit8r]

One strange thing about the OP title, is that it makes it sound as if there is something wrong with a "wealth tax"

Weird...

Because there is

As if what we accumulate is somehow the property of the government.. that they have a right to limit it, redistribute it, or use it to pay for the things others want yet refuse to do what is necessary to get themselves

meh

 

[Skull Pilot]

One strange thing about the OP title, is that it makes it sound as if there is something wrong with a "wealth tax"

Weird...

So do you want to be taxed on your net worth?

Would you like the fucking government counting everything you own so as to put a value on your "wealth" after all your "wealth" is nothing but your net worth.

OMG, that is what Obama is proposing?! This is really serious!

or a fucking hyperbole

You don't understand retirement accounts either do you?

The OP is not about a "wealth tax" it's about limiting qualified retirement plans.

A wealth tax is a tax on wealth which is net worth.

 

[chikenwing]

One strange thing about the OP title, is that it makes it sound as if there is something wrong with a "wealth tax"

Weird...

So do you want to be taxed on your net worth?

Would you like the fucking government counting everything you own so as to put a value on your "wealth" after all your "wealth" is nothing but your net worth.

OMG, that is what Obama is proposing?! This is really serious!

or a fucking hyperbole

Well what is it ?? Better,who's the source of said hyperbole???

 

[Agit8r]

So do you want to be taxed on your net worth?

Would you like the fucking government counting everything you own so as to put a value on your "wealth" after all your "wealth" is nothing but your net worth.

OMG, that is what Obama is proposing?! This is really serious!

or a fucking hyperbole

You don't understand retirement accounts either do you?

The OP is not about a "wealth tax" it's about limiting qualified retirement plans.

A wealth tax is a tax on wealth which is net worth.

so the OP title is hyperbolic

 

[LeftofLeft]

The Government ought to be encouraging pre tax contributions on the following:

- Retirement
- Healthcare/Long Term Care
- Life Insurance

Each would take a burden off the Government (taxpayers) in the long run

 

[Wry Catcher]

The usual naysayers, with the usual whining complaints is what this thread has become. If the GOP and its followers, and those who pretend to be 'independents' really cared about the deficit they would engage in a bit of critical thinking and think in terms of cost-benefits and cost-deficits.

[Our country 'enjoys' government on every level, from school boards, to county councils, state legislatures and the Congress. We have mayors and governors and a president; local trial courts, state appellate courts, state supreme courts and federal trial courts, federal appellate courts and the US supreme court.]

When the Congress passes a budget which cuts Medicare and social security benefits what happens? The recipients will rely more heavily on state and local resources. When the Congress cuts grants and revenue sharing to the states, taxes must rise to pay for the loss of revenue, or highways go unrepaired, classrooms grow in size, firehouses close, 911 response takes longer, public hospitals are overcrowded and Justice slows to a crawl; fires, crime and even disease can grow even as means to control them are reduced.

What are the deficits of reducing the tax benefits to those who can actually put 200k away every year? It doesn't mean they can't invest in our county, both in the private and public sector. Hell, the rich create jobs, let them create some jobs.

They can even put it in banks, maybe then they would learn how banks loan at enormous rates (look at your credit card fine print) and pay less than 1% for savings. Or how the rich get cheaper credit than the hoi polloi.

 

[driveby]

One strange thing about the OP title, is that it makes it sound as if there is something wrong with a "wealth tax"

Weird...

Because there is

As if what we accumulate is somehow the property of the government.. that they have a right to limit it, redistribute it, or use it to pay for the things others want yet refuse to do what is necessary to get themselves

meh

meh, it's ok for the government to confiscate someone else's wealth or property, as long as it isn't mine...

Fixed it for you, comrade...

 

[Wry Catcher]

"Comrade"? The usual "Red Scare" tripe. One might accuse Wall Streeters of seeking a return to Feudalism with as much 'aplomb'.

You guys on the fringe ought to decide on a definition before you use words and/or attribute a policy to words you use a pejoratives but don't understand - it would help if you ever hope to be credible with informed sources.

 

[boedicca]

Obama is essentially asking people this: How much do you really need for retirement? Some wealthy people are socking away millions in these accounts, much more than they actually need, the White House said in a statement.

Soon the Government will take your personal assets as it belongs to the community because you you did not build that.

Obama: If You've Got A Business, You Didn't Build That - YouTube

You can't "sock away millions" in a qualified retirement account.

They all have contribution limits. The current 401K limit is 17500 a year with an additional 5500 for those over 50.

Yes, there are contribution limits. But in an IRA, one can choose investments that earn a great deal. Self-employed people (who pay double SS and Medicare, btw), can also contribute more in SEP IRAs.

How awful that some people work hard and save money for their retirements! We must bring them down to the level of people who are completely and absolutely dependent on the government!

I'll also note that a cap of $3M yields approximately $200K/year of retirement income, depending upon retirement date and investment choices. Many government employees are paid pensions far higher than that. If retirement income is to be defacto capped, let's start with the folks who are feeding from the public trough.